-LRB- CNN -RRB- -- Sony is reducing the price of the PlayStation 3 game console , hoping to help the 5-year-old system reach a larger audience , the company said on Tuesday .

The base model now costs $ 250 , and another system with twice the storage space is $ 300 . Sony cut $ 50 from each , which is nearly the price of a new game .

`` While others in the space are losing steam , PlayStation 3 is gaining momentum , '' Jack Tretton , the president and CEO of Sony Computer Entertainment of America , said in a statement . `` The new price will make the PS3 more accessible than ever before . ''

Sony last cut prices on the PlayStation 3 in 2009 , when it released a slimmer model . Microsoft has not reduced the Xbox 360 's price since 2009 , and analysts are split on whether it will do so this year as a response to Sony . The entry-level Xbox 360 costs $ 200 .

Sony 's move is seen by analysts as a usual part of a game system 's life cycle . Game console generations typically last four to six years , but some predict that motion-detection peripherals like Microsoft 's Kinect for the Xbox 360 and Sony 's PlayStation Move could prolong the current cycle .

Nintendo announced last month that the successor to the Wii , a tablet-controlled device called the Wii U , will hit the market next year . The news comes as the Wii , this generation 's top-selling console , is experiencing a sales slump . Nintendo reduced the price of the Wii from $ 200 to $ 150 in May .

Last month , Nintendo cut the price of the 3DS , its handheld game console that displays 3-D graphics without needing special glasses . The 3DS now costs $ 170 , a 40 % reduction for a console that 's less than five months old . Sales of the 3DS tumbled quickly after a promising launch , and analysts have attributed the proliferation of inexpensive , quick-hit games for Facebook and smartphones as a hindrance to growth in the market for hand-held game systems .

Sony is gearing up for the release of the PlayStation Vita , a portable game console that follows the PlayStation Portable . To compete with smartphones , it will have downloadable games , a touchscreen and 3G cellular data connectivity . The version with 3G will cost $ 300 , and the one without will cost $ 250 .

Sony is still recovering from a nearly monthlong outage that affected its online game networks . The cyberattack , which resulted in stolen personal and financial information , did not seem to harm sales of the console , according to reports . Sony , which has sold more than 50 million PlayStation 3 systems , compensated customers with free game downloads .

@highlight

Sony cut the PlayStation 3 to a base price of $ 250

@highlight

Analysts see the move as a normal part of a game console 's life cycle

@highlight

Nintendo has already announced its next home game console , called the Wii U